ICBA said it supports the Federal Trade Commission’s interest in the role and business practices of cloud service providers, or CSPs.
ICBA Letter: In a comment letter responding to an FTC request for information, ICBA called on the agency to:
Explore the concentration risk posed by the current landscape of CSPs.
Encourage CSPs to maintain cyber and data security standards that match the regulatory expectations of the industries they support.
Examine the ability of small and midsize businesses to fairly negotiate contracts with CSPs and encourage CSPs to negotiate contracts that are reasonable, fair, and clearly disclose fees.
Use existing research, such as the Treasury Department’s “Financial Sector’s Adoption of Cloud Services” report.